Ten Entertainment makes record profits following reopening of venues

Leisure operator Ten Entertainment has revealed it has made record profits in every month since June after making a loss in the first half of 2020.

Trading at the ten-pin bowling firm’s’ venues roared back after looser lockdown restrictions enabled them to reopen in mid-May, with sales since that time up by around a third on their pre-pandemic levels.

The group’s revenues on a like-for-like basis were 29 per cent higher on the same time two years ago, while the week following Christmas saw it achieve its best-ever sales for the Christmas and New Year period.

But it admitted that tougher curbs in Wales and Scotland and the UK Government’s decision to implement Plan B due to the spreading Omicron variant had led to trade somewhat abating in December.

The Bedford-based company said its performance in the coming year would be heavily dependent on the Government’s coronavirus policies and to what extent new restrictions come into force.

Still, bosses at the group said they were ‘optimistic’ and are anticipating profits for the 2021 financial year to be towards the top end of market forecasts and for debt to continue falling having already dropped below pre-pandemic volumes.

As well as more than 1,000 bowling lanes across dozens of sites, Ten Entertainment’s facilities include Houdini Escape Rooms, American pool tables and laser arenas.  

Four new centres are expected to be opened by the business, whose suburban and retail park outlets have tended to perform better than those in city centres. 

Chief executive Graham Blackwell said: ‘It reflects the strength of our business, our people and our improved customer experience that TEG has delivered record trading months since May and returned to full-year profitability in 2021 despite closure in the first half of the year. 

‘I am grateful for the hard work of all our teams, suppliers and partners who have contributed to this very strong recovery, and I thank our customers for their continued support and loyalty. We are well set to deliver continued growth and success in 2022.’

Back in September, the company said it predicted earning double-digit revenue growth this year, but warned that there would likely be some impact on profit margins related to the costs of staffing and goods.

It additionally acknowledged that it had been affected by disruption in its supply chain and workforce turnover, though it had not had to shut any establishments due to shortages of products or employees.

Shares in Ten Entertainment were 4.5 per cent higher at £2.57 during mid-afternoon today.